Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh (AU:LNW)
ASX:LNW
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Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh
(Sydney:LNW)
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Rating:53Neutral
Price Target:
AU$122.00
▼(-3.32% Downside)
Action:N/ADate:04/07/26
The score is held back primarily by elevated balance-sheet leverage (debt up, equity down, ~21x debt-to-equity) and bearish technical signals (price below key moving averages with negative MACD). These risks are partly offset by strong operating profitability and improved recent cash generation, but valuation remains relatively high at a 31.62 P/E with no dividend yield provided.
Positive Factors
High operating margins
Sustained high gross and EBITDA margins indicate durable pricing power and efficient cost structure across machines, content and systems. This margin profile supports long-term cash generation, funds reinvestment in content/cabinets, and resilience to cyclical revenue swings.
Negative Factors
Very elevated leverage
A sharp rise in debt with materially lower equity leaves a thin capital buffer and raises refinancing and covenant risk. High leverage limits strategic optionality, increases interest expense sensitivity, and heightens vulnerability to revenue weakness or regulatory shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
High operating margins
Sustained high gross and EBITDA margins indicate durable pricing power and efficient cost structure across machines, content and systems. This margin profile supports long-term cash generation, funds reinvestment in content/cabinets, and resilience to cyclical revenue swings.
Read all positive factors
Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh (LNW) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$9.76B
Dividend YieldN/A
Average Volume (3M)179.90K
Price to Earnings (P/E)31.6
Beta (1Y)1.05
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
Employees6,800
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-0.27
Shares Outstanding77,148,710
10 Day Avg. Volume170,400
30 Day Avg. Volume179,896
Financial Highlights & Ratios
PEG Ratio-2.65
Price to Book (P/B)35.62
Price to Sales (P/S)2.63
P/FCF Ratio18.03
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$187.85Price Target Upside48.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)6.23
Revenue Forecast (FY)AU$3.58B
Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh Business Overview & Revenue Model
Company Description
Light & Wonder, Inc. operates as a cross-platform games company in the United States and internationally. It operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video ga...
How the Company Makes Money
Light & Wonder primarily makes money by selling, leasing, and servicing gaming equipment and by monetizing game content across both physical casinos and digital channels. Key revenue streams typically include: (1) Sales of gaming machines and rela...
Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
34
Negative
Cash Flow
69
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 3.31B | 3.19B | 2.90B | 2.51B |
| Gross Profit | 2.43B | 2.26B | 2.03B | 1.77B |
| EBITDA | 1.08B | 1.07B | 898.00M | 584.00M |
| Net Income | 276.00M | 336.00M | 163.00M | 3.67B |
Balance Sheet | ||||
| Total Assets | 6.46B | 5.42B | 5.55B | 6.01B |
| Cash, Cash Equivalents and Short-Term Investments | 167.00M | 196.00M | 425.00M | 914.00M |
| Total Debt | 5.21B | 3.92B | 3.93B | 3.95B |
| Total Liabilities | 6.22B | 4.79B | 4.79B | 4.85B |
| Stockholders Equity | 245.00M | 636.00M | 765.00M | 990.00M |
Cash Flow | ||||
| Free Cash Flow | 484.00M | 338.00M | 348.00M | -597.00M |
| Operating Cash Flow | 794.00M | 632.00M | 590.00M | -381.00M |
| Investing Cash Flow | -1.17B | -258.00M | -251.00M | 6.12B |
| Financing Cash Flow | 321.00M | -577.00M | -788.00M | -5.46B |
Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh Risk Analysis
Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh disclosed 51 risk factors in its most recent earnings report. Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | AU$29.24B | 30.52 | 23.84% | 1.60% | -4.64% | 11.95% | |
64 Neutral | AU$2.25B | 26.11 | 2.62% | 2.01% | 8.62% | ― | |
62 Neutral | AU$12.29B | 16.56 | 109.80% | 3.16% | -6.28% | -11.67% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | AU$333.43M | -3.52 | -5.62% | 18.81% | 12.22% | 558.33% | |
53 Neutral | AU$9.76B | 31.62 | 48.03% | ― | ― | ― | |
49 Neutral | AU$208.21M | -1.63 | -22.97% | ― | 126.29% | 95.17% |
* Consumer Cyclical Sector Average
AU:LNW
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Light & Wonder, Inc. Shs Chess Depository Interests Repr 1 Sh Corporate Events
Light & Wonder Seeks ASX Quotation for Additional CDIs
Mar 30, 2026
Light Wonder Inc. has applied for quotation on the ASX of 1,421 additional CHESS Depositary Interests, each representing one underlying share, with an issue date of 31 March 2026. The modest increase in quoted CDIs reflects ongoing conversions or...
Light & Wonder CEO Boosts Equity Stake as RSUs Vest
Mar 25, 2026
Light Wonder President and CEO Matthew R. Wilson reported multiple vesting events of restricted stock units that converted into common stock CDIs on March 20, 2026. The transactions included both time-based and performance-based RSU awards, with ...
Light & Wonder Gaming Chief Reports Vesting of Equity Awards
Mar 25, 2026
Light Wonder disclosed changes in the beneficial ownership of stock by Siobhan Lane, its senior vice president and CEO of Gaming, following the vesting of multiple tranches of restricted stock units. The transactions, reported as exercises and re...
Light & Wonder Executive Updates Stake After Vesting of Equity Awards
Mar 25, 2026
Light Wonder senior vice president and chief accounting officer Vanja Kalabic reported changes in her beneficial ownership tied to the vesting of restricted stock units and related equity transactions. The filing shows portions of previous stock ...
Light & Wonder CFO Boosts Stake After Full Vesting of Equity Awards
Mar 25, 2026
Light Wonder disclosed changes in equity holdings of Executive Vice President, Chief Financial Officer and Treasurer Oliver Chow following the vesting of several tranches of restricted stock units tied to his compensation. The transactions, settl...
Light & Wonder to List Additional CDIs on ASX
Mar 19, 2026
Light Wonder Inc. has applied for the quotation of 300,173 additional CHESS Depositary Interests on the ASX, each representing a 1:1 interest in the company’s underlying shares, with an issue date of March 20, 2026. The new CDI listing, ari...
Light & Wonder Director Increases Equity Stake via Fee-Linked CDI Allocation
Mar 18, 2026
Light Wonder, Inc. has disclosed a change in the shareholding of director Hamish Roy McLennan, who received 664 additional CHESS Depositary Interests sourced on-market and allocated as part of his special exertion fee under the company’s di...
Light & Wonder Director McLennan Increases Disclosed Equity Stake via RSU Conversion
Mar 18, 2026
Light Wonder director Hamish McLennan has reported changes in his beneficial ownership, following the grant and conversion of 664 restricted stock units into common stock at no cost, as compensation for his service on a special board committee. A...
Light & Wonder Updates Director Morro’s Equity Holdings After Fee-Linked CDI Allocation
Mar 18, 2026
Light Wonder, Inc. disclosed a change in director Stephen William Morro’s interests, with his directly held stake rising through the allocation of additional CHESS Depositary Interests sourced on-market. Following the transaction on 13 Marc...
Light & Wonder Director Receives Equity Grant for Special Board Service
Mar 18, 2026
Light Wonder director Stephen W. Morro reported the issuance and conversion of restricted stock units into 2,214 shares of common stock, held via CHESS Depositary Interests traded on the ASX. The award was granted as compensation for his service ...
Light & Wonder Issues New Unquoted Restricted Stock Units Under Employee Scheme
Mar 13, 2026
Light Wonder Inc. has notified the market of the issue of new unquoted performance restricted stock units and restricted stock units under its employee incentive schemes. A total of 15,767 performance restricted stock units and 27,503 restricted ...
Light & Wonder Gaming Chief Siobhan Lane Sells Shares in Insider Transaction Filing
Mar 13, 2026
Light Wonder, Inc. disclosed that Siobhan Lane, the company’s Senior Vice President and CEO of Gaming, executed open-market sales of the firm’s common stock on March 11, 2026. The transactions, carried out in multiple trades at weight...
Light & Wonder Gaming Chief Trims Stake in Series of Insider Stock Sales
Mar 12, 2026
Light Wonder, Inc. disclosed that Siobhan Lane, its Senior Vice President and CEO of Gaming, executed multiple open-market sales of the company’s common stock on 9 and 10 March 2026 at weighted average prices ranging from about $88.22 to $9...
Light & Wonder Adds 24,516 New CDIs to ASX Listing
Mar 11, 2026
Light Wonder, Inc. has applied to the ASX for quotation of 24,516 additional CHESS Depositary Interests, representing a 1:1 interest in its underlying shares, with an issue date of March 13, 2026. The incremental CDI issuance, arising from the ex...
Light & Wonder Updates Daily On-Market Buy-Back of ASX CDIs
Mar 9, 2026
Light Wonder has provided an update on its on-market share buy-back of CHESS Depositary Interests on the ASX. The company reported that it had repurchased a cumulative 985,822 securities prior to the latest trading day, and a further 8,679 securi...
Light & Wonder Updates ASX on Ongoing On‑Market Buy‑Back
Mar 8, 2026
Light Wonder, Inc. has provided a daily update on its on‑market share buy‑back of CHESS Depositary Interests on the ASX, reporting that a cumulative 977,143 securities had been repurchased before the latest trading day. The company di...
Light & Wonder Details Equity Awards and Trades by Chief Accounting Officer
Mar 8, 2026
Light Wonder disclosed that SVP and Chief Accounting Officer Vanja Kalabic received several grants and vestings of restricted stock units tied to the company’s CHESS Depositary Interests listed on the Australian Securities Exchange. The tra...
Light & Wonder Officer Plans Modest Rule 144 Share Sale on ASX
Mar 8, 2026
An officer of Light Wonder, Inc., Vanja Kalabic, has filed a notice of proposed sale of company securities under Rule 144, covering 1,520 common shares to be traded on the ASX. The shares, valued at about $135,773 in aggregate, stem from recently...
Light & Wonder CFO reports equity transactions and new RSU awards
Mar 8, 2026
Light Wonder executive vice president, chief financial officer and treasurer Oliver Chow reported multiple equity transactions involving the company’s CHESS Depositary Interests in early March. The filing details the vesting, tax withholdin...
Light & Wonder Executive Files Routine Rule 144 Stock Sale Notice
Mar 8, 2026
Light Wonder officer Oliver Chow has filed a notice of proposed sale of company common stock under U.S. Rule 144, covering 5,144 shares to be sold on the ASX through broker Computershare Plan Managers. The shares derive from recently vesting rest...
Light & Wonder Gaming Chief Boosts Stake Through New Equity Awards
Mar 8, 2026
Light Wonder disclosed changes in the equity holdings of Siobhan Lane, its SVP and CEO of Gaming, following the vesting and grant of several tranches of restricted stock units tied to 2025 bonus compensation and multi‑year performance incen...
Light & Wonder Director Trims Direct Shareholding in On‑Market Trade
Mar 6, 2026
Light Wonder director Hamish Roy McLennan has reported a change in his relevant interest in the company’s securities, in line with ASX disclosure rules. The filing shows he conducted an on‑market trade on 2 March 2026, selling 6,000 s...
Light & Wonder to Join S&P/ASX 50 in March 2026 Rebalance
Mar 6, 2026
Light Wonder Inc., a global gaming technology and content provider serving both land-based casinos and online gaming operators, continues to expand its presence in regulated wagering and digital entertainment markets worldwide. The company develo...
Light & Wonder Seeks ASX Quotation for 380,041 New CDIs
Mar 5, 2026
Light Wonder Inc. has applied to the ASX for quotation of 380,041 new CHESS Depositary Interests, each representing one underlying share, with an issue date of March 6, 2026. The additional CDIs, arising from the exercise or conversion of existin...
Light & Wonder Continues Daily On‑Market Buy‑Back of ASX CDIs
Mar 3, 2026
Light Wonder Inc. has provided an updated notification to the ASX on its ongoing on-market buy-back of CHESS Depositary Interests, confirming that 938,672 securities had been repurchased prior to the most recent trading day. The company disclosed...
Light & Wonder Director McLennan Trims Stake in ASX-Listed CDIs
Mar 3, 2026
Light Wonder director Hamish McLennan has reported an open market sale of 6,000 CHESS Depositary Interests in the company, executed on March 2, 2026 in Australia, equivalent to March 1, 2026 in the U.S. The transaction was priced at the Australia...
Light & Wonder Director Plans Modest Share Sale on ASX
Mar 3, 2026
Light Wonder director Hamish McLennan has filed a notice of proposed sale under U.S. securities rules, outlining his intention to sell 6,000 common shares of the company on the ASX in early March 2026. The shares, held via CHESS depository intere...
Light & Wonder Updates ASX on Progress of On-Market Buy-Back
Mar 2, 2026
Light Wonder has provided an updated notification to the ASX regarding its ongoing on-market share buy-back of CHESS Depositary Interests. The company reported that a total of 879,427 securities had been repurchased prior to the most recent tradi...
Light & Wonder Updates Daily On‑Market Buy‑Back Activity
Mar 1, 2026
Light Wonder Inc., a gaming and entertainment company listed on the ASX via CHESS Depositary Interests under the ticker LNW, continues to actively manage its capital structure. The group uses on-market buy-backs of its CDIs as a tool to adjust it...
Former Light & Wonder Officer Plans Rule 144 Sale of Restricted Stock
Feb 27, 2026
A former officer of Light Wonder, Inc., James Sottile, has filed notice of a proposed sale of 1,591 common shares under Rule 144, to be executed through Fidelity Brokerage Services. The shares, with an indicated aggregate market value of about $1...
Light & Wonder Seeks ASX Quotation for Additional CDIs
Feb 27, 2026
Light Wonder Inc. has applied for quotation on the ASX of 131,767 additional CHESS Depositary Interests, each representing one underlying share, with an issue date of 2 March 2026. The move modestly increases the number of tradable securities on ...
Light & Wonder Updates Market on Progress of Ongoing On-Market Buy-Back
Feb 27, 2026
Light Wonder Inc. has provided an updated notification to the ASX on its ongoing on-market share buy-back of CHESS Depositary Interests, each representing one underlying share. The company reported that, as of the latest daily update dated 27 Feb...
Light & Wonder secures ASX waiver to honor pre-listing director equity awards
Feb 25, 2026
Light Wonder, Inc., which shifted from an ASX Foreign Exempt Listing to a full ASX Listing in November 2025, has confirmed that director equity awards granted under its Amended and Restated 2003 Incentive Compensation Plan remain compliant with A...
Light & Wonder Seeks ASX Quotation for Additional CDIs
Feb 25, 2026
Light Wonder Inc. has applied for quotation on the ASX of 40,266 additional CHESS Depositary Interests on a 1:1 basis, with an issue date of 26 February 2026. The new CDI securities, arising from the exercise or conversion of existing instruments...
Light & Wonder to Release Full-Year 2025 Results With Detailed Non-GAAP Disclosures
Feb 24, 2026
Light Wonder, Inc., a Nevada-based gaming and entertainment technology company headquartered in Las Vegas, focuses on delivering gaming products and related services and reports its financial performance using both GAAP and supplemental non-GAAP ...
Light & Wonder Seeks ASX Quotation for Additional CDIs
Feb 10, 2026
Light Wonder Inc. has applied for quotation of 8,772 additional CHESS Depositary Interests on the ASX, to be issued on 11 February 2026 under the existing LNW code. The new securities arise from the exercise or conversion of existing options or o...
Light & Wonder Sets Date to Release 2025 Full‑Year Results
Feb 10, 2026
Light Wonder, Inc., a global cross‑platform games company, develops immersive gaming content and experiences for players across multiple channels, supported by its three business segments and a 6,500‑plus employee base. The company em...
Light & Wonder Seeks Quotation of Additional CDIs on ASX
Feb 3, 2026
Light Wonder, Inc. has applied to the ASX for quotation of 9,672 additional CHESS Depositary Interests (CDIs) on a 1:1 basis, scheduled for issue on 4 February 2026 under code LNW. The modest CDI increase, arising from the exercise or conversion ...
Vanguard Discloses 5.75% Stake in Light & Wonder After Internal Realignment
Feb 2, 2026
The Vanguard Group has reported holding 4,690,772 depository receipt shares of Light Wonder, Inc., representing approximately 5.75% of the company’s outstanding common stock, according to an updated Schedule 13G/A filing. Following an inter...
BlackRock Reports 0.9% Stake in Light & Wonder Class A Shares
Jan 22, 2026
BlackRock, Inc. has disclosed that it beneficially owns 699,360 shares of Light Wonder, Inc. Class A stock, representing approximately 0.9% of the company’s outstanding Class A shares, according to an updated Schedule 13G filing with the U....
Major Shareholder Fine Capital Trims Light & Wonder Stake in Series of Stock Sales
Jan 22, 2026
Light Wonder, Inc. has reported changes in beneficial ownership following a series of common stock sales by major shareholder Fine Capital Partners, L.P. and its affiliated entities. Between 19 and 21 January 2026, the investment firm, identified...
Light & Wonder Seeks ASX Quotation for Additional 214 CDIs
Jan 16, 2026
Light Wonder, Inc. has applied to the ASX for quotation of an additional 214 CHESS Depositary Interests (CDIs), each representing one underlying share, to be issued on 19 January 2026 under its existing LNW ticker. The small top‑up issuance...
Light & Wonder Reports Lapse of Restricted Stock Units on ASX
Jan 15, 2026
Light Wonder has notified the ASX of the cessation of two classes of equity-based awards, with 1,484 performance restricted stock units and 16,254 restricted stock units lapsing on 31 December 2025 after conditions attached to those rights were n...
Fine Capital Trims Light & Wonder Stake in Modest Insider Share Sale
Jan 13, 2026
A group of affiliated investment entities led by Fine Capital Partners, L.P., identified as a more-than-10% shareholder of Light Wonder, Inc., has reported a small reduction in its indirect beneficial stake in the gaming technology company. Accor...
Light & Wonder Settles IP Dispute With Aristocrat for $127.5 Million
Jan 11, 2026
Light Wonder and Aristocrat Leisure have reached a settlement resolving their litigation in Australia and the United States over claims that Light Wonder’s Dragon Train and Jewel of the Dragon games were developed using Aristocrat’s ...
Light & Wonder Seeks Quotation of Additional CDIs on ASX
Jan 9, 2026
Light Wonder, Inc. has applied to the ASX for quotation of an additional 35,813 CHESS Depositary Interests, each representing one underlying share, with an expected issue date of 12 January 2026. The new CDIs, which arise from the exercise or con...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.